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Apr. 25, 2013

Local Developer Proposes New Plan for Mixed-Use Stanhope Center in Raleigh

by Adriana Pop, Associate Editor

Local developer Melton “Val” Valentine has submitted a new plan for a three-building mixed-use project along Hillsborough Street near N.C. State University in Raleigh.

According to the Triangle Business Journal, Valentine is proposing two five-story retail and residential buildings, as well as a 70-foot-tall parking deck. The new development will spread across a 12-acre site known as Stanhope Center, bringing a total of 154 apartments and more than 55,700 square feet of retail space. The Site Group LLC of Raleigh is designing the project, the newspaper reports.

One of the buildings will be located at the corner of Concord and Hillsborough streets. The 70-foot structure will offer 40 residential units and about 38,000 square feet of retail or restaurant space.

Valentine’s initial plan called for the construction of a nine-story building with high-end apartments and retail space on the ground floor. However, the plan has been rejected by the City Council because of its density, so the project had to be scaled down.

The other building will replace the Katmandu nightclub on Friendly Street. It will feature first-floor retail space, possibly a Kerr Drug store, as well as apartments on the upper floors.

In other news, Duke Realty Corp.’s Raleigh office completed 466,686 square feet in leases during the first quarter of 2013. The transactions involved new leases, renewals and space expansions of the company’s office and industrial properties in the Triangle.

“Interest in Duke Realty properties continues to be strong given their superior location and quality,” said Jeff Sheehan, senior vice president of Duke Realty’s Raleigh operations. “Our success in attracting new tenants and retaining existing clients is indicative of the strength of our portfolio as well as our team.”

Hooker Manning and Alban Barrus represented Duke Realty in all of its Raleigh office leasing transactions. Manning also brokered the company’s industrial transactions in the region, along with Jackson Rives of Thalhimer.

Photo credits: The Site Group via www.bizjournals.com